Most Americans don’t receive adequate personal finance education, causing many to make costly financial mistakes. When entrepreneurs lack financial literacy with regard to business, the mistakes can be all the more costly. Fortunately, you can invest in the current and future stability of your company by investing in essential financial coaching through the Next Level Northwest Business Accelerator program. Our coaches can help you to:
- Interpret your financial information. Your financial information is so much more than sets of expenses and profits. It contains important data about how far your business has come, how it’s currently doing, and what adjustments need to be made to optimize its future viability and growth. However, this data can be complex and difficult to interpret, much less act on, which is where a good coach comes in.
- Understand your profit. You may feel fortunate to be bringing in plenty of revenue, but unless you’re making more than you’ve had to spend and borrow, it can be hard to tell whether and to what degree your business is profitable. A coach can also help you track the 3 types of profit your company makes: gross profit, operating profit, and net profit.
- Identify “money leaks” and opportunity costs. Money leaks are points at which your company is wasting money—and as the little guy on the economic scene, small businesses need to be as lean and efficient as possible. Opportunity cost is the profit you’re not making on a resource by using it in a less-than-optimal way. A coach can help you understand these and other areas in which your business can become more efficient and profitable.
- Do tax planning. When your profits vary, so do the amounts of taxes you’ll pay, and it’s wise to avoid unpleasant surprises. A coach can help you with tax planning, or understanding how to qualify for and take advantage of relevant tax credits, deductions, and exemptions. Planning strategies can also involve things like the timing of income, purchases, and other factors that affect your tax rates.
- Create a financial plan. Much like a seedling in a garden, each aspect of your financial information and behavior must be carefully cultivated in order for your small business to thrive. A financial plan is essential for accomplishing this, and a good financial coach can help you make one.
Get Financial Coaching With Next Level Northwest
Enrolling in our business accelerator program and working one-on-one with a business coach is an excellent way for entrepreneurs to get financial education. If you own a small business in the Northwest Chicagoland area and are ready to accelerate your business growth and financial structure with coaching, consider applying for admission to our business accelerator program with Next Level Northwest.
Next Level Northwest is a business acceleration public-private partnership serving the Northwest Chicagoland region. We support regional and local businesses through collaborative and innovative initiatives to help grow the economy. Download our Program Overview PDF here.
Ready to take your business success to the next level and become a Next Level Northwest graduate? Download and prepare your application following this process today!